A Bahamian broker\/dealer has slammed US regulators for \u201ccontradicting themselves\u201d over whether it should have uncovered an alleged $11.834 million \u2018illegal unregistered share offering\u2019.<\/p>\n
In their latest barb trading with the Securities & Exchange Commission (SEC), Gibraltar Global Securities and its principal, Warren Davis, said the regulator\u2019s position in the case filed against them in the southern New York district court \u201cflies squarely in the face\u201d of the stance it took in Florida two years ago.<\/p>\n
In their latest filing, Gibraltar and Mr Davis noted that the SEC previously described the offering of 10 million shares in Magnum d\u2019Or, a small, thinly-traded company, as being so well designed that the wrongdoing was almost impossible to detect.<\/p>\n
Yet, they alleged, the SEC\u2019s New York lawsuit was now alleging that the scheme was \u201cso obvious\u201d that Mr Davis and Gibraltar had to know what was happening.<\/p>\n
Responding to the SEC\u2019s attempt to rebuff their efforts to have the case against them dismissed, Gibraltar and Mr Davis said the regulator was \u201cmissing a critical piece\u201d of evidence to prove they violated US law.<\/p>\n
This was the SEC\u2019s inability to prove that Gibraltar solicited a single US customer via its website, which has now been shutdown as the Bahamian broker\/dealer completes the winding-up of its business.<\/p>\n
While the original SEC complaint alleged that they had operated \u201cunlawfully\u201d in the US by selling $100 million worth of stocks, Gibraltar and Mr Davis argued that the regulator was using \u201cunreliable\u201d analysers of traffic to their former website to prove American clients were solicited via this means.<\/p>\n
Referring to a second SEC-initiated lawsuit in which Gibraltar and Mr Davis have also been named as defendants, the duo said both cases collectively involved \u2018pump and dump\u2019 schemes covering $15 million worth of shares – some 15 per cent of the alleged US transactions it was said to have facilitated.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Bahamian broker\/dealer blasted US regulators for \u201ccontradicting themselves\u201d over whether it should have uncovered an alleged $11.834 million \u2018illegal unregistered share offering\u2019.<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[98],"class_list":["post-38629","post","type-post","status-publish","format-standard","hentry","category-business","tag-financial"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/38629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=38629"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/38629\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=38629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=38629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=38629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}